As the audit industry undergoes a transformation with emerging technologies and regulations, many auditors still struggle with outdated and inefficient processes. They need solutions that can help them overcome the challenges of data organization, a disjointed workflow, and technology implementation.
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The challenges in traditional auditing
Auditing has traditionally been bogged down by manual processes that are not only time-consuming but also prone to errors. Auditors spend countless hours organizing data from disparate sources, which can lead to disjointed workflows and a frustrating experience. These challenges can be further exacerbated by the ongoing staffing shortages experienced by audit firms across the industry.
In addition, implementing new technologies can be challenging for auditors, especially when these tools aren’t seamlessly integrated into a firm’s existing audit workflow. Often, adopting new technologies requires firms to modify their audit methodology or undergo time-consuming data conversion processes. These factors often make it difficult for auditors who want to benefit from the advantages of new technologies.
These challenges create a pressing need for innovation, and that’s exactly what Audit Intelligence Analyze is designed to provide.
Introducing Audit Intelligence Analyze
Thomson Reuters Audit Intelligence Analyze addresses these issues head-on by integrating advanced AI technologies into the engagement management process. This innovative tool simplifies audit analysis by automating the most tedious tasks. With Audit Intelligence Analyze, auditors can now:
- Analyze all transactions to focus audit procedures on high-risk areas and minimize time spent on low-risk ones.
- Improve audit quality by pulling out unusual transactions, providing the required documentation, and catching items that would normally be missed by humans.
- Effortlessly obtain financial information, including general ledger, sub-ledger, and trial balance data with easy data ingestion.
- Streamline the audit process and save the results as a Workpaper in your engagement binder when the analysis is complete.
AI features that make a difference
The backbone of Analyze is its market-leading machine learning and AI technologies, which provide sophisticated algorithms for risk identification and outlier detection. These technologies are continuously improved as more data is processed, ensuring that the tool becomes more effective over time.
Additionally, Analyze seamlessly integrates into your current workflow, providing an automated way to analyze all transactions. This isn’t just analysis for the sake of analysis; it helps you better understand the data, allowing you to focus audit procedures on high-risk areas and minimize work on low-risk ones.
Elevate your audit workflow
Analyze works within your current engagement manager so you don’t need to learn a new way to audit. Automate your transaction analysis as part of your workflow to improve the efficiency and accuracy of your audits while empowering auditors to focus on more strategic work.
As the audit industry continues to evolve, embracing AI technologies like Analyze will be crucial for firms looking to stay competitive and maintain high standards of quality and compliance.
Learn more about how Audit Intelligence Analyze can transform your audit practice.
And, Audit Intelligence Analyze is just the beginning of a revolutionary suite of AI-powered audit products from Thomson Reuters. The Audit Intelligence suite, which includes Analyze, Plan, Test, and Assurance CoCounsel, is designed to transform the audit industry by offering data-driven, efficient, and accurate solutions.
With future product releases planned for 2025 and beyond, Thomson Reuters is committed to continually innovating and enhancing the audit process. Stay tuned for more exciting developments from the Audit Intelligence suite, as we continue to redefine the future of auditing.